The naira has recorded a modest appreciation against the United States dollar on Thursday, April 16, 2026, as improved foreign exchange liquidity supported early market activity.
At the official Nigerian Foreign Exchange Market window, the naira opened stronger, trading within a narrow band and briefly touching N1,343.83 before settling around N1,344 per dollar in early deals.
The marginal gain is largely attributed to increased dollar supply and sustained interventions by the Central Bank of Nigeria (CBN), aimed at clearing outstanding foreign exchange obligations and stabilising the market.
In the parallel (black) market, however, the naira showed a slightly weaker stance.
Across key cities including Lagos, Abuja, and Port Harcourt, the dollar was exchanged between N1,455 and N1,480, reflecting continued retail demand pressures.
Read Also:
- Naira holds steady at N1,352 against the dollar
- Naira records modest gain against dollar in early Tuesday trading
- Naira remains stable amid demand for dollars, global oil issues
Despite this disparity, analysts note that the gap between the official and parallel market rates is gradually narrowing, an indication of improving investor confidence and the impact of recent policy adjustments.
Market observers also caution that persistent demand for foreign currency, driven by international travel, overseas education, and importation needs, could continue to influence exchange rate movements in the near term.
As of 7:00 am, trading remained relatively calm, with investors and dealers watching closely for further direction in subsequent sessions.
